As I was gearing up and working on 1099s, I felt a bit overwhelmed. It is extremely time-consuming and I wanted to come up with an easier and faster way to get this task done. We usually have to pull up both the Profit and Loss as well as the 1099 Vendor list to be able to compare data and make sure everything matches up.
Well, I have a cool trick for you. This tip will allow you to see the vendor, account and 1099 information all in one report, making it extremely easy for you to then send off the report to your client for approval.
To see the live demonstration, CLICK HERE.
In your QuickBooks Online Advanced account, you can go to the reports tab in the left hand navigation pane and select create a new report. You then can select a blank report and use the wizard.
In this scenario, we would use expenses for last year.
Now we have multiple different accounts. So, what we can do is click the customize tab and customize the expenses columns.
Things we might not care to add are: Due date, transaction number, customer name, product, class and open balances in this category. The next thing you want to do is customize the vendor column and add track 1099 and 1099 printed.
Once you have all your customizations set, click on Groups and change the group from account to vendor name.
(Insert singing angels) Now we have everything in one place and see which account was used if you need to edit it, the date of the transaction, and of course, you can see if that vendor is checked for tracking payments for 1099.
You also can set filters for Track 1099 vendors and send the report over to your client for review.
The other cool thing is you can convert this into a pivot table that shows the various accounts for each vendor or however you want to customize it for your clients to review.
MAGIC. I love how versatile QuickBooks custom reports and Pivot tables can be. Hopefully, this is a win for you and you will find your 1099 tasks much easier to manage.
If you would like to see the live demo of this feature, CLICK HERE.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the “Appy Hour,” which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
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